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December 28, 2012
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  Top Story 
  • Lawmakers offer little hope of deal averting "fiscal cliff"
    Official in Washington said the chances of Congress and the White House agreeing on a budget compromise in time to prevent the "fiscal cliff" from triggering automatic spending cuts and tax hikes on Jan. 1 are fading. Lawmakers and aides from both parties said the flurry of last-minute activity has more to do with shifting blame for failure than any serious attempt to reach a compromise. The House of Representatives will meet Sunday in an effort to head off a fiscal crisis that some economists say could send the U.S. back into recession. The New York Times (tiered subscription model) (12/27) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • FINRA fines 5 Wall Street banks over payments to lobbyists
    The Financial Industry Regulatory Authority said it imposed fines of just over $4.48 million on five Wall Street banks for improperly attempting to obtain reimbursement for payments to lobbyists from the proceeds of state and municipal bond sales. The regulator said the banks asked for the refund of fees paid to the California Public Securities Association by claiming that lobbying payments were underwriting expenses. Reuters (12/27) LinkedInFacebookTwitterEmail this Story
  • Central banks increase U.S. Treasury holdings worldwide
    The Federal Reserve's holdings of U.S. securities maintained for foreign central banks rose $4.502 billion in the week ended Wednesday, the Fed said. This is despite the decline of securities guaranteed or issued by Fannie Mae and Freddie Mac that are held by foreign institutions, which fell $4.148 billion, to $311.05 billion. CNBC/Reuters (12/27) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  Career Development 
  • Why bosses should join the culture club
    Many bosses neglect culture in favor of agonizing over products and services, writes S. Chris Edmonds. That's a mistake: Culture, after all, is the driver of all company activity. "Because of this fact, corporate culture may be your company's most important asset," Edmonds argues. SmartBrief/SmartBlog on Leadership (12/26) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  Financial Products 
  • Expiration of crisis program may be boon for some asset classes
    The Transaction Account Guarantee, which lifted the $250,000 limit on Federal Deposit Insurance Corp. insurance of noninterest bearing checking accounts, expires this week, and according to a Federal Reserve survey, Wall Street expects borrowers to take some cash out of those accounts in response. Without the added guarantee, survey responders expect some money to be spread into safe securities like Treasury bills or money market funds. CNBC/Reuters (12/27) LinkedInFacebookTwitterEmail this Story
  • Vanguard cuts fees for 10 sector ETFs
    Vanguard, America's third-biggest sponsor of exchange-traded funds, signaled that it isn't prepared to give up any ground in the financial industry's ETF fee war. The firm, which for years has been known as one of the most inexpensive providers of financial products, lowered its fees for 10 sector ETFs. The reductions apply to Vanguard's Health Care, Utilities, Consumer Discretionary, Energy, Consumer Staples, Materials, Industrials, Information Technology, Financials, and Telecom Services ETFs. Benzinga.com (12/27) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
If all misfortunes were laid in one common heap whence everyone must take an equal portion, most people would be contented to take their own and depart."
--Socrates,
Greek philosopher


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